DTF TAX-FREE INCOME INC. ANNOUNCES DIVIDENDS AND NAME CHANGE
The Board of Directors of DTF Tax-Free Income Inc. (NYSE: DTF) declared dividends of 3.25 cents per share, with payment dates set for January 31, February 28, and March 31, 2022.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
The Board of Directors of DTF Tax-Free Income Inc. (NYSE: DTF) declared dividends of 3.25 cents per share, with payment dates set for January 31, February 28, and March 31, 2022. The ex-dividend dates are January 14, February 14, and March 14 of the same year. Additionally, the Fund will undergo a name change to DTF Tax-Free Income 2028 Term Fund Inc. on January 3, 2022. This change follows shareholder approval for a limited term of existence ending March 1, 2028, though the term may be extended under certain conditions.
Positive
- Approval of 3.25 cents per share dividend, enhancing shareholder income
- Strategic name change reflecting the fund's 2028 termination date, potentially appealing to investors
Negative
- Limited term of existence until March 1, 2028, which may concern investors
Details
News Market Reaction – VRTS
The recorded move for VRTS in the trading session of this news was -0.07%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHICAGO, Dec. 16, 2021 /PRNewswire/ -- The Board of Directors of DTF Tax-Free Income Inc. (NYSE: DTF) (the "Fund"), a closed-end fund advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on the Fund's common stock as follows:
Cents Per Share | Ex-Dividend Date | Record Date | Payable Date |
3.25 | January 14, 2022 | January 18, 2022 | January 31, 2022 |
3.25 | February 14, 2022 | February 15, 2022 | February 28, 2022 |
3.25 | March 14, 2022 | March 15, 2022 | March 31, 2022 |
As previously announced, at the annual meeting of shareholders on February 26, 2021, shareholders approved amendments to the Fund's charter that establish a limited term of existence for the Fund and will cause the Fund to cease to exist on March 1, 2028, or such earlier date as may be determined by the Fund's Board. Under the charter amendments, the Board is also authorized to extend the term of the Fund to have a perpetual existence once again, subject to the Fund having conducted a tender offer meeting certain conditions. In keeping with the amendment to the Fund's charter adding a 2028 termination date for the Fund's existence, in December 2021 the Board approved a change in name for the Fund. Effective January 3, 2022, the Fund will be known as DTF Tax-Free Income 2028 Term Fund Inc.
About the Fund
DTF Tax-Free Income Inc. is a closed-end diversified investment management company whose investment objective is current income exempt from regular federal income tax consistent with preservation of capital. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of investment-grade tax-exempt obligations. For more information, visit www.dpimc.com/dtf or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 40 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with
View original content:https://www.prnewswire.com/news-releases/dtf-tax-free-income-inc-announces-dividends-and-name-change-301446995.html
SOURCE DTF Tax-Free Income Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.